Final Amendments to Reg CC Released
- Topics:
- Commercial Banking
- Source:
- Southwest Corporate
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Overview: The article refers to the Check 21 legislation. To facilitate check truncation and electronic check exchange, the Check 21 Act authorizes a new negotiable instrument called a "substitute check." A substitute check is a paper reproduction of the original check that contains an image of the front and back of the original check and can be processed just like the original check. The Check 21 Act provides that a properly prepared substitute check is the legal equivalent of the original check for all purposes. The Check 21 Act does not require any bank to create substitute checks or to accept checks electronically.
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Format: PDF | Size: 20KB | Date: Jul 2004 | Pages: 1
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